Case Study: Prospecting for Gold
(via FastStats approved partner - Matrix-Data Ltd)
Using FastStats to provide a powerful data mining interface to compute donor models and propensity
About
Prospecting for Gold Ltd (PFG) provides wealth intelligence services to the not for profit, charity and wealth management sectors. They had a large amount of detailed individual information gleamed from years of research conducted specifically for consultants for the charity sector. They recognised that it has great potential as a stand-alone product but needed to be cleaned, matched against various other databases and hosted within a secure system which enables advanced filtering and analytics to remote users.
Background
Using Matrix-Insight™ services and expertise the data from several sources, including Prospecting for Gold constituent data, Matrix Investor Database, the UK Postal Address File (PAF) and multiple charity donor lists, was de-duplicated, matched and integrated. Given the nature of the individuals many had more than one address. Matrix-Data Solutions identified their primary addresses and other known valid addresses. The aggregated views of the individuals was then pushed into Matrix-Clarity™ FastStats delivering a secure web-based Single Customer View (SCV) containing more than 210,000 records each with 28 populated attributes. This solution is the Wealth Intelligence Database.
Benefits
» Solution dramatically improves success rate of securing funding, and eliminates wasted mail approaches
» Charities can apply smart thinking to raise big funds using solid knowledgebase of their major donors
» Massively increases charity revenue from this subset of donors as a proportion of income, compared with past
» Allows charities to groom and care for large (or potential) donors, reducing their reliance on door knocking and buckets
» Smarter way to forge allegiance from their big donors and get creative in engaging them further
» Charities now get the expert, the data and the software when they need it
» Provide charities with a confidential "sieve" of known donors to identify missed donation opportunity
» Provide a powerful data mining interface to compute donor models and propensity based on fact
» Provide record and attribute level billing capability
» Provide secure client server connection to enable remote (onsite) analysis
Results
» The match rate now achieved has increased from around 1% of all records to nearly 2%
» The average number of records sold has doubled
» The % of clients purchasing a report containing all of the attributes has increased by a third
» The number of clients selecting to go for matching immediately is now 8 in every 10 charities who enquire about Prospecting for Gold's services
» The overall turnover from data sales resulting from the new wealth intelligence database and matching process grew by 60% between 2007 and 2008
James Redhead, Director at Prospecting for Gold comments: "Prospecting for Gold approached Matrix-Data Solutions in 2006 with the challenge of creating a new approach to screening charity databases of supporters and presenting the results. Matrix-Data created a new version of our database, which could be used with Matrix-Clarity™ Faststats. This solution has transformed the way 'Prospect Research' is delivered to charities and resulted in our business growing by 300% in the past 3 years. Matrix’s creative approach and ability to deliver bespoke solutions was vital to helping us achieve our business objectives. We are delighted with the work Matrix Data have and continue to do for Prospecting for Gold."
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